Capital Economics' John Higgins says that although China's
interest rate cuts have helped to boost financial firms listed in
Shanghai, he doesn't think the rally can last at its current
pace:

There are substantial headwinds facing banks, property
developers and industrial firms, which make up much of
the Shanghai Composite. So if the recent
signs of mania – such as the frenzied pace of new equity
account openings – trigger a further substantial rally in the
market, we would be surprised if it didn’t largely unwind
further down the road.